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3-4 September 2019 Bangkok Dusit Medical Services (BDMS) Morgan Stanley Asia Pacific Corporate Day

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Page 1: 3-4 September 2019bdms.listedcompany.com/misc/PRESN/20190911-bdms... · Strong Share Price Performance Backed by a Successful Expansion Track Record Share Price (THB) * Transfer of

3-4 September 2019

Bangkok Dusit Medical Services (BDMS)

Morgan Stanley Asia Pacific Corporate Day

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Important Notice

The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in Bangkok Dusit Medical Services Public Company Limited (“BDMS” and shares in BDMS, ”shares”) in any jurisdiction nor should it or any part of it from the basis of , or be relied upon in any connection with, any contract or commitment whatsoever.

This presentation may include information which is forward-looking in nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which BDMS operates and general achievement of BDMS business forecasts, which will cause the actual results, performance or achievements of BDMS to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.

This presentation has been prepared by the BDMS. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the BDMS or any of its agents or advisors or any of their respective affiliates, advisors or representatives, shall have any liability ( in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.

This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon directly or indirectly for any investment decision-making or for any other purposes.

This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws.

2

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Contents

BDMS Overview & Updates

2Q19 & 6M19 in review

Healthcare Industry

Operational Statistics & Financial Highlights

3

Company Background

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4

BDMS Overview & Updates

4

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5

BDMS

Overview

Brand No. of Hospitals

No. of Beds*

Bangkok Hospital 25 4,057

Samitivej Hospital 6 1,324

Phyathai Hospital 5 1,241

Paolo Hospital 6 1,008

BNH Hospital 1 144

Royal Hospital 2 130

Local Hospital 3 395

* Maximum number of beds according to structure of the hospitals

48 Hospitals ~ 8,000 Beds

12,000+ Doctors

8,000+ Nurses

14,000+ Staffs

Established on February 26, 1972

Top 5 private hospital operators in the world by

market capitalization

Hub-and-Spoke model with an established

patient referral system helps create efficiency

through scale

10 Centers of Excellence

BDMS Wellness Clinic

Pharmaceutical manufacturer and drug stores

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Diversification of Patient Mix

6

Medical Sophistication Secondary Tertiary Super Tertiary

Targ

et P

atie

nts

/ P

urc

has

ing

Po

we

r

Inte

rnat

ion

al

Pat

ien

ts

Hig

h-I

nco

me

P

atie

nts

M

idd

le-I

nco

me

P

atie

nts

So

cial

Se

curi

ty

Pat

ien

ts

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5,635 10,724 15,981 18,885 21,652 21,974 24,051 37,371 47,862 51,407 56,607 63,655 68,844 72,772 79,333

40,407

18.4% 20.6%

23.1% 23.4% 23.1% 22.9% 23.1% 23.2% 23.3% 21.3%

22.4% 22.1% 21.4% 21.3% 21.6% 22.2%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 6M19

Successful Track Record of Expansion Through M&A and Greenfield Projects

BDMS has developed 17 new hospitals and acquired a total of 30 hospitals to date

Operating Income(THB mm) and EBITDA margin (%)

Solid Revenue Growth Over the Past Decade (2004-2018 CAGR of 20.8%) with Resilient EBITDA margin *

# Number of hospitals in the network post-acquisition Green font indicates Greenfield projects Brown font indicates acquisitions

Source: Derived from BDMS’ financial statements * Excluding non-recurring items

Strong Share Price Performance Backed by a Successful Expansion Track Record

Share Price (THB)

* Transfer of business to our new facility, Royal Phnom Penh

7

0

5

10

15

20

25

30

Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

18

2013

• Samitivej Thonburi

• Bangkok Phitsanulok

31

29

2011

• Bangkok Hua Hin

• Bangkok Pakchong

• Health Network (8 Phyathai & Paolo hospitals)

2012

• Bangkok Udon

28

2007

• Royal Angkor International (Cambodia)

• Royal Rattanak (Cambodia) *

16

2006

• Increase in stake of Bangkok Pattaya, Bangkok Chanthaburi and Samitivej Sriracha (became subsidiaries)

• Bangkok Ratchasima

2005

• BNH

• Wattanosoth

10

2004

• Bangkok Heart

• Bangkok Samui

• Bangkok Phuket

• Samitivej Sukhumvit and Samitivej Srinakarin

12

37 2014

• Bangkok Chiangmai

• Royal Phnom Penh (Cambodia)

• Samitivej Chinatown

• Bangkok Khon Kaen

• Bangkok Sanamchan & Thepakorn

• Bangkok Siriroj

42

2015 • Bangkok Phetchaburi

• Sri-Rayong

• Dibuk • Samitivej Chonburi

• Bangkok Muangraj

2016

• Paolo Rangsit

43

45

2017

• Paolo Kaset

• Bangkok Surat

2018

• Chiva Transitional Care

46

48

2019

• Bangkok Chiangrai

• Bangkok International

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8

BDMS Complete Continuum of Healthcare

BDMS Wellness Clinic

Early Detection

Curative

Chiva Transitional Care Hospital

Secondary Care

Tertiary Care

Super Tertiary Care

Centers of Excellence

Bangkok International

Transitional Preventive Promotive Rehabilitative

Non-Hospital Strategic Investment

Sterile Drug Manufacturer & Distributor Generic Drug Manufacturer Drug Store

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BDMS Five-Year Strategy

Projects in Pipeline & Strategy

9

2025

Projects in Pipeline

2019 2020

48 Hospitals ~ 50 hospitals

~ 8,200 beds ~ 8,500 beds ~ 9,000 beds

Bangkok Hospital Chiangrai

(80 beds) Expansion of Samitivej

Sukhumvit (36 beds) Bangkok International

(172 beds)

o Jomtien Hospital (233 beds)

o Expansion of our Network Hospitals

2021-2023

Mövenpick BDMS Wellness Resort Bangkok (290 rooms)

Strategy

Volume & Margin Driven

Center of Excellence Increase occupancy

rate Expand insurance

patient base

Sustainability Innovation & Digital

International medical affiliation

Smart Virtual Hospital Health application

Quality & safety standard

Good corporate governance

Social responsibility

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BDMS Centers of Excellence Network

Bangkok Headquarter

Samitivej Sukhumvit

Phyathai 2

Bangkok Phuket

Bangkok Pattaya

Bangkok Chiangmai

Bangkok Udon

Royal Phnom Penh

Samitivej Srinakarin

6

1

2

3

4

5

7

8

9

10

Upgrading Existing 10 Hospitals to Become Centers of Excellence with the Focus on International Patients

10 Bangkok Rayong

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Diversified Sources of Revenues and Profitability

Commentary

11

* SVH also included SNH performance Remark: - EBITDA is calculated from revenue from hospital operations + revenue from goods + other income – cost from hospital operations – SG&A - Hospital abbreviation shown on Appendix

COE Operating Income Contribution in 6M19 COE Total EBITDA Contribution in 6M19

In 6M19, 10 Centers of Excellence (COE) contributed

50% of total revenues

57% of total EBITDA

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Local and International Partnership

Medical Cooperation

Collaboration for education, training and research on orthopedics

Collabpration on occupational health, pediatrics, rehabilitation, clinical simulation and informatics

12

Collaboration for education and research on trauma and orthopedics

Collaboration for knowledge sharing on orthopedics

Research collaboration on the TRFS laser device for brain tumor surgery

Others international and local institutions

Collaboration on Gastrointestinal Medicine

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BDMS Network Capabilities

13

Alarm Center: One Number All Access For Life Care

New CAMTS-CAMTS EU: Dual Accreditation Awarded

BDMS* had received dual accreditation of The

Commission on Accreditation of Medical Transport

Systems (CAMTS) from USA and EU

CAMTS is a review organization dedicated to

improving quality and safety of medical transportation

systems including fixed wing, sky ICU, medical escort,

ambulance, motorlance and hydrolance

* 13 BDMS network hospitals

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Expanding Insurance Patient Base

Strategic Focus on Health Insurance

14

Patient Revenue by Payor: Increasing Insurance Portion

2013 6M19

Launched exclusive health insurance for BDMS network

Increase hospital traffic in BDMS network

Target insurance payor to increase from 29% in 2018 to 35% in the next few years

E-Claim & E- Billing

Utilization management

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My First Class Healthcare @ BDMS by Allianz Ayudhya

Exclusive Health Insurance at BDMS Hospital Network The Viriyah Insurance Program 1 (Gold)

The Viriyah Insurance Program 2 (Deductible Plan) The Viriyah Insurance Program 3 (Delight)

Maximum benefit per year: THB 80m to THB 100m

Covering all medical treatments

Target high-end market

Maximum benefit for injury or sickness per disability:

THB 1m to THB 5m

Target mid to high-end market

Maximum benefit per year: THB 400k to THB 800k

Choice of THB 20,000/ THB 50,000 deductible per year

Target employee who already have welfare from company

Maximum benefit per year: THB 450k to THB 1.5m

Target mid market

15

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Market Capitalization (USD mm) Revenue (USD mm)

EBITDA Margin Net Profit Margin

Global Hospital Rankings

16

Remark: - Market capitalization as of 19 August 2019

- Financial performance for year ended December 2018 except Ramsay for the year ended June 2018

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17

2Q19 & 6M19 in Review

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18

Consolidated Financial Summary

2Q19 & 6M19 Results

2Q19 6M19

Chg

(yoy)

% to

Revenue

Chg

(yoy)

% to

Revenue

Operating income +6%

(THB 19,637 mm)

+6%

(THB 40,407 mm)

Patient revenue +7%

(THB 18,692 mm)

+6%

(THB 38,484 mm)

Breakdown by location

Bangkok & Vicinity +5% 58% +5% 58%

Outside Bangkok +7% 42% +7% 42%

Breakdown by nationality

Thai +6% 70% +5% 68%

International +8% 30% +8% 32%

Breakdown by type of patients

Outpatients +6% 45% +7% 45%

Inpatients +7% 55% +5% 55%

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19

Consolidated Financial Summary

2Q19 & 6M19 Profitability Ratio

(THB mm) 2Q19 2Q18 Chg (yoy) 6M19 6M18 Chg (yoy)

EBITDA * 3,892 3,860 +1% 8,962 8,793 +2%

EBITDA margin * 19.8% 20.9% 22.2% 23.0%

Core profit 1,864 2,043 (9)% 4,790 4,962 (3)%

Core profit margin 9.5% 11.1% 11.9% 13.0%

Net profit 1,865 2,043 (9)% 10,304 4,962 108%

Net profit 9.5% 11.1% 25.5% 13.0% * Excluding non-recurring items

6M19 Non-recurring items (net of income tax) THB mm

1. Gain on divestment in Ramkhamhaeng Hospital Public Co., Ltd. 6,094

2. Provisions for employee benefits (493)

3. One-time expenses in finding the land to locate electricity sub-station to accommodate the electricity usage at Bangkok International Hospital (88)

4. Gain on sales in other long-term investment 1

Total 5,514

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20

Operational Statistics & Financial Highlights

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Operating Income Growth

Operating Income (THB mm)

Commentary

21 Remark:- Operating income is calculated from hospital revenue + revenue from sales of goods + other income

Revenue Breakdown by Patient Types

6M19 Operating income increased by 6% yoy mainly from

Patient revenue increased 6% yoy, attributed to

Higher price intensity from Center of Excellence

Strong growth from international patients of 8% yoy

Increase insurance patient base of 11% yoy (Thai insurance grew 10% while

international insurance grew 18%)

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Thai and International Patients

Revenue Contribution by Nationality

Commentary

22

Top 5 Nationality contribution

% to international patients’ revenue % to patient revenue

In 6M19, strong growth from international patients of 8% yoy while Thai patients grew 5% yoy

Key growth for International patient revenues are UAE (+94%), Oman (+82%) and

Cambodia (+22% yoy)

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Operational Statistics

Number of OPD Visits per Day Average Daily Census ( ADC )

Remarks: - Including social security and new born patients

23

Average Length of Stay (days) Occupancy Rate Based on Available Beds

Remarks: - Including social security

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EBITDA & EBITDA Margin * (THB mm)

Profitability Trend

24

EBIT & EBIT Margin * (THB mm)

* Excluding non-recurring items

Commentary Core Profit & Core Profit Margin * (THB mm)

In 6M19, core profit were THB 4,790 million

with net profit margin of 11.9%

If included non-recurring items totaling of

THB 5,514 million, net profit was 10,304 with

net profit margin of 25.5%

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Capital Management

25

Capital Structure as of June 2019 Dividend Payment & Payout Ratio

Gearing Ratios: Well Within Covenants Interest Coverage

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26

Healthcare Industry

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Aging demographics and rising income support growth of Thai healthcare

Thailand as top tourist destination, capable medical personnel, convenient infrastructure & facilities and value for money attract medical tourism

Key Trend for Thai Healthcare Industry

27

Supportive Demographic and Economic Trends

Health Insurance

Healthy Trend

Increase health conscious lifestyle driven demand on preventive care

Shifting from traditionally treatment-based approach to preventive care which focuses on individual genetic, wellness, early detection, vaccination, diet and exercise including mental health awareness

Insurance companies increase co-operation with local hospitals to increase Thailand’s private health insurance penetration

Thai Government approved tax break on premiums paid for health insurance supporting an increase in healthcare demand

Health Tech

Mobile health apps would increase health conscious and preventive care

Support existing healthcare service rather than replacement

Mostly in searching for doctor and personal health information

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Thailand Healthcare Coverage

Healthcare Segments in Thailand

Source: National Health Security Office (NHSO), The Office of the National Economic and Social Development Board (NESDB) and Social Security Office (SSO)

Universal Healthcare Coverage (UHC)

A welfare program for Thai people to receive medical coverage for IPD and OPD care at registered facilities

Civil Servant (CS) A welfare program provided to employees of governments and state-owned enterprises

Social Security Scheme (SS) Minimum requirement of healthcare provided to employees of private companies

Private Healthcare (Cash) Proportion of Thai population not covered or choose not to use public healthcare schemes (UHC, CS and SS), though may have private insurance coverage

UHC

32%

Cash

38%SS

11%

CS

19%

THB 146 bn

THB 123 bn

THB 41 bn

THB 71 bn

Total Expenditure for 2016: THB 381 bn

Patient Segment Covered by BDMS

28

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# of Hospitals # of Beds

Private 347 40,720

Public 864 100,782

Total 1,211 141,502

(Number per 10,000 population) Thailand Global*

Doctor 5 14

Nurse 24 30

Bed 22 26

Thailand Healthcare Demand and Supply

Healthcare Demand Growing Faster than Supply

% of Healthcare expenditure to GDP

Healthcare Supply in Thailand (2016)

Total Private

Beds BDMS Registered

Beds * Market Share

Bangkok 17,404 2,830 16%

Central 11,614 2,024 17%

South 3,111 678 21%

Northeast 3,332 337 10%

North 5,259 220 4%

Total 40,720 6,089 15%

Source: WHO (2015)

BDMS Market Coverage (2016)

29 Source : NESDB and NSO

Low Healthcare Penetration

* Data as of 2014 Source: WHO, NESDB and NSO

* Company data as of June 2019 Source: NESDB and NSO

135 140 126 118 134 144 147 151 150 150 142

226 223 232 228 258

298 312 332 346 361 381

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Number of beds ('000) Thailand Health expenditure (THB, bn)

10 Years CAGR (2006-2016) Healthcare supply : +0.5% p.a. Healthcare demand : +5.4% p.a.

(Supply) (Demand)

3.8% 3.9% 4.0% 4.1% 4.3% 5.3%

6.3%

9.9% 11.2%

16.8%

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Increasing Thailand Healthcare Demand

Aging population generates greater demand for healthcare expenditure

Monthly income per household in Thailand increased by 51% during 2007-17. This would support growing demand for healthcare

Health insurance reduces financial burden of out-of-pocket expense. Increasing trend for health insurance will benefit private hospitals

Source: OIC

6.4 8.9

3.2 3.3 2.9

15.1 13.0

7.0 5.9 5.1

23.3 19.5

9.9 8.4 6.7

Singapore Thailand Malaysia Indonesia Philippines

2010 2020 2030

Percentage of population above 65 years (%)

Source: UN Population Database: 2015

Population Growth and Aging Profile Commentary

Health & Personal Accident Insurance Premium

30

Unit : THB Million

Thailand Monthly Income per Household

Source : NESDB

Unit : THB Thousand

18

33

19 13 12

19

27

42

27

19 20

27

Total BKK Central North Northeast South

2007 2017

+51% +27% +40% +45% +72% +44%

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Source: EIC, SCB and Ministry of Commerce

Medical Tourism

31

4.64.2

3.93.6

3.33.02.8

2.52.22.0

1.41.4

2008 2009 2010 2011 2012E 2013E 2014F 2015F 2016F 2017F 2018F 2019F

Million People

Increasing Trend of Medical Tourists to Thailand

Procedures ( In USD) USA Singapore* Thailand Malaysia* India

Heart Bypass 123,000 17,200 15,000 12,100 7,900

Heart Valve Replacement 170,000 16,900 17,200 13,500 9,500

Knee Replacement 35,000 16,000 14,000 7,700 6,600

Spinal Fusion 110,000 12,800 9,500 6,000 10,300

IVF Treatment 12,400 14,900 4,100 6,900 2,500

Source: Medicaltourism.com (2018)

Medical Tourism as a Rising Phenomenon

* Excluding doctor fee

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32

Company Background

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‘Hub-and-Spoke‘ Model

Strong patient referral system within and across each hub and spoke 1

Enhances synergies and benefits of scale among hospitals within the group 2

Shared supporting services among multiple hubs which enhance efficiency and competitiveness 3

Hub (Super Tertiary / Tertiary)

Referral patients

Referral patients

Referral patients

Referral patients

Medical equipment

Nurses

Doctors

Clinics / Medical Diagnostics

Spoke

Spoke

Spoke

Patients

33

Providing a Proven Patient Referral System and Creating Efficiency Through Scale

Established system provides a platform for future expansion 4

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BDMS Wellness Clinic

34

Fertility Clinic

Dental Clinic

Cardioscience Clinic

Neuroscience Clinic

Musculoskeletal and Sports Clinic

Regenerative Clinic

7 Centers of

Preventive Excellence

Digestive Wellness Clinic

1

2

3

4

5

6

7

A Brand New Wellness Clinic Delivering World-Class Services

The first step in establishing the roots in preventative excellence. This has allowed BDMS to fully recognize its ambition.

By combining our expertise, extensive network and service, we hope to become Asia’s first premier preventative care facility that will set the global standard in wellness

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Mövenpick BDMS Wellness Resort Bangkok

Luxury Wellness Resort in the Heart of Bangkok

35

Mövenpick BDMS Wellness Resort Bangkok (BWR) offers the perfect harmony of comfort

and recuperation at the heart of Asia’s most popular city destination with 290 rooms

The resort is directly connected to BDMS Wellness Clinic and is located just a few minutes’

walk from Thailand’s most prestigious shopping centers and BTS sky train Ploenchit station

With the holistic concept of healthy living, the resort offers a variety of dining venue serving

healthy options with organic ingredients

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Mövenpick BDMS Wellness Resort Bangkok

36

Luxury Wellness Resort in the Heart of Bangkok

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Source: Summary of the information from Thailand Securities Depository Company Limited (TSD) * Consisted of Bangkok Airways PCL and Bangkok Airways Holding Co., Ltd ** Consisted of Miss Napamas Ladpli, Mrs. Atinuch Malakul Na Ayudhaya and Mr. Parameth Ladpli, M.D.

37

% of Shareholding

1 Mr. Prasert Prasarttong-Osoth, M.D. and family 22.1%

2 Mr. Wichai Thongtang and family 7.3%

3 Bangkok Airways* 7.2%

4 Thai NVDR Co., Ltd. 6.7%

5 The Viriyah Insurance Co., Ltd. 6.1%

6 Social Security Office 4.1%

7 Mr. Chirotchana Suchato, M.D. and family 2.6%

8 Ladpli family** 2.4%

9 South East Asia UK (Type C) Nominess Limited 2.3%

10 Mr. Chuladej Yossundharakul, M.D. and family 1.9%

Total 62.5%

Shareholding Structure (As of 15 March 2019)

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Investments

Non- Hospital Strategic Investments *

Investments in Other Hospitals : - Listed Companies

Bumrungrad Hospital PCL (BH) 24.88%

Pharmaceutical Business

A.N.B. Laboratories 100% Sterile pharmaceutical product manufacturer & distributor

Save Drug Center 100% Drugstore

The Medicpharma 87% Generic pharmaceutical product manufacturer

General Hospital Products PCL 46% Sterile pharmaceutical product manufacturer

Other Complimentary Business

National Healthcare Systems 100% Central lab, central supply chain, procurement & other shared services

Greenline Synergy 100% Shared IT services

Bangkok Premier Insurance

Broker

100% Health & life insurance broker

Bangkok Helicopter Services 100% Transportation of patients via helicopter services

* Not included all BDMS’ investments

38

THB mm

2,810 3,087

2017 2018

+10%

Non-Hospital Revenues

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39

BDMS Awards & Recognition in 2019

Asia’s Outstanding Companies Poll –

Thailand for 2010s from Asiamoney

The Best Managed Healthcare Company

in Asia from FinanceAsia

All- Asia Executive Team Honored Company -

Thailand from Institutional

Investor

Thailand’s Top Corporate Brands

Hall of Fame from Chulalongkorn

University

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Remark:- Number of beds is structured beds

For More Information:- www.bangkokhospital.com Group 1 (Bangkok&West&Cambodia) 1. Bangkok Hospital 100% 373 2. Bangkok Heart Hospital 100% 97 3. Wattanosoth Hospital 100% 48 4. Chiva Transitional Care 100% 52 5. Bangkok International 100% 172 6. Bangkok Huahin (BHN) 100% 64 7. Bangkok Sanamchan (BSN) 100% 210 8. Thepakorn (TPK) 44.5% 100 9. Bangkok Phetchaburi (BPR) 100% 255 10. Bangkok Muangraj (BMR) 100% 142 11. Royal Phnom Penh (RPH) 100% 100 12. Royal Angkor International (RAH) 80.0% 30

Ownership No. of Beds

Group 7: Non-Hospital 1. National Healthcare System 100% 2. Bio Molecular Laboratories 95.0% 3. The Medicpharma 87.1% 4. A.N.B Laboratories 100% 5. Save Drug Center 100% 6. General Hospital Products 46.0%

Group 3 (East) 20. Bangkok Pattaya (BPH) 97.3% 400 21. Bangkok Rayong (BRH) 100% 220 22. Bangkok Chanthaburi (BCH) 99.7% 170 23. Bangkok Trat (BTH) 99.8% 114 24. Sri Rayong (SRH) 100% 195

Group 6 (South) 43. Bangkok Phuket (BPK) 99.7% 266 44. Bangkok Siriroj (BSI) 100% 151

45. Dibuk (DBK) 99.7% 100 46. Bangkok Hat Yai (BHH) 98.8% 200 47. Bangkok Samui (BSH) 100% 52 48. Bangkok Surat (BSR) 100% 150

Group 5 32. Phyathai 1 (PT1) 100% 224 33. Phyathai 2 (PT2) 99.2% 260 34. Phyathai 3 (PT3) 98.2% 267 35. Phyathai Sriracha (PTS) 75.1% 350 36. Phyathai Nawamin (PTN) 99.8% 140 37. Paolo Paholyothin (PLP) 100% 267 38. Paolo Samutprakarn(PLS) 93.6% 200 39. Paolo Chokchai 4 (PLC) 85.7% 169 40. Paolo Rangsit (PLR) 100% 150 41. Paolo Kaset (PLK) 100% 162 42. Paolo Phrapradaeng (PLD) 84.0% 60

Group 4 (North&Northeast) 28. Bangkok Udon (BUD) 100% 120 29. Bangkok Phitsanulok (BPL) 100% 195 30. Bangkok Khon Kaen (BKN) 100% 140 31. Bangkok Chiangrai (BCR) 100% 80

Ownership No. of Beds

40

Group 4 (North&Northeast) 25. Bangkok Chiangmai (BCM) 100% 175 26. Bangkok Ratchasima (BKH) 91.4% 180 27. Bangkok Pakchong (BHP) 91.4% 31

Group 2 13. Samitivej Sukhumvit (SVH) 95.8% 311 14. Samitivej Srinakarin (SNH) 95.8% 400 15. Samitivej Sriracha (SSH) 70.1% 184 16. Samitivej Thonburi (STH) 63.5% 150 17. Samitivej Chonburi (SCH) 100% 220 18. Samitivej Chinatown (SCT) 100% 59 19. BNH Hospital (BNH) 91.5% 144

(BHQ)